AVTEAM, Inc. (NASDAQ/AVTM) is a global supplier of aftermarket aircraft engines, engine parts, & aircraft compo-nents. It acquires surplus aircraft & components & either resells or repairs them in FAA-licensed repair facilities for later resale. Its customers are other aftermarket suppliers, independent repair facilities, aircraft operators, & OEMs. Its specialty is the Pratt & Whitney JT8D series, the most widely used jet aircraft engines in the world, powering about 1/3 of the world's commercial aircraft. Almost 300 aircraft operators employ over 13,000 JT8D series engines in such aircraft as the B727, B737, DC-9, & MD-80s. Although this engine is no longer manufactured, new FAA approved noise abatement systems & extended life maintenance programs have increased the useful life of planes using this engine -- thus creating additional revenue for AVTM, one of the major suppliers in the highly fragmented aftermarket industry.

In 1997, AVTM expanded its product line to include the CFM56 series of engines manufactured by CFM International. They had the highest production volume of any engine series in 1998 & power nearly 40% of all single-aisle, narrow-body aircraft ordered since 1987. In 1998, AVTM entered the maintenance, repair, & overhaul (MRO) side of the business with the acquisition of M&M Aircraft Services, one of the largest privately held independent aircraft engine maintenance, repair, & overhaul operations in the world.

The annual aftermarket for engines & components is about $10 billion, of which about $1 billion represents sales & leases of the JT8D. Continued growth & consolidation of this market is driven by several factors; growth in air transport activity, the increasing number of older commercial aircraft in use, aircraft operator's demands for full service suppliers, & increased regulatory scrutiny.

AVTM grew from $3.9 million in 1993 to $75.4 million in 1998. It became the first aftermarket supplier to receive quality accreditation from the Airline Suppliers Association, an FAA-recognized independent quality assurance organization. Call CFO Mark S. Koondel @ 954-431-2359, fax 954-431-7675, or write 3230 Executive Way, Miramar, FL 33025 [R-7; M-7; L-8]

Bidhit.com, Inc. (OTC Bulletin Board/BHIT) is a fully developed, real-time interactive Internet auction company with a customer database of over 100,000 registered users. It has working relationships with famous makers of computers, TVs, VCRs, camcorders, & other consumer electronic brand-name products.

It clearly lists the shipping costs, so you are not hit by high shipping costs that you learn about after you buy. Surprisingly, the online real-time auction industry is expected to be $71.6 billion by 2003.

Forrester Research in Cambridge, MA says: "The business-to-consumer auction market in the U.S. will soar from $1.4 billion in 1998 to $19 billion in 2003, while the business-to-business auction market will go from $7.7 billion in 1998 to $52.6 billion in 2002." They also stated that 52% of online business is expected to be transacted via auctions by 2002.

bidhit.com is already one of the top 10 online auction companies in the U.S. It is profitable, is debt-free, & recently completed a $3 million equity financing. Call Dunhill Interna-tional @ 604-684-3112, fax 604-608-6152, e-mail dunhill@ican.net, or write Suite 900, 10900 N.E. 8th St., Bellevue, WA 98004 www.bidhit.-com [R-6; M-7; L-9]

Computalog Ltd. (NASDAQ/CLTDF) supplies a variety of wireline logging & directional drilling services to the oil & gas industries around the world. The company is also heavily involved with research & development of highly specialized equipment & instrumentation which it uses in its services & sells to others in the industry. It owns & operates three sites & leases 29 facilities in the U.S. It also leases 12 sites in Canada (including the head office), two in Venezuela, one in Argentina, two in India, & two in China.

Wireline logging measures the physical properties of underground formations to help determine the location & quantity of oil & gas in a reservoir. "Logging" denotes the creation of a permanent record, or log, of the geological characteristics of the well site detected by sensors lowered on a wireline cable.

"Open hole logging" is usually performed before a well is completed or abandoned.

"Cased hole logging" occurs in completed wells & may require perforation of the cement sheath to allow hydrocarbons to flow into the wellbore for initial production or testing. Cased hole logging may occur many times in the life of a wellbore to evaluate production problems or make repairs.

Directional drilling is used to drill multiple wells from a single drill site, or in environmental-ly sensitive areas. Horizontal drilling can increase productivity of an existing well while reducing drilling costs significantly. Recent developments in directional drilling have enhanced well productivity & develop-ment efficiency.

CLTDF is a significant player in the design & development of drilling motors & associated equipment & provides full well services including well planning, on-site supervision & post-drilling analysis. Call CFO L. A. Cornez @ 403-265-6060, fax 403-218-2424, or write 2000, 530 Eighth Ave. SW, Calgary, Alberta, Canada T2P 3S8. [R-5; M-6; L-7]

Digital Recorders, Inc. (NASDAQ/TBUS) is involved with highly visible products. It develops technologically advanced digital communications systems for transit & transportation applications & digital signal processing equipment for law enforcement applications.

The federal Americans with Disabilities Act ("ADA") gave a strong impetus to growth of the market for transit communica-tions. This law requires signs & announcements to assist visually impaired passengers. TBUS is the leading supplier (more than a 50% market share) of automatic voice announcement systems to the public transit market in North America. Activated by either the vehicle operator or GPS technology, these systems communi-cate, by voice & interior signage, information such as next stop, transfer points, route & destination identification, & other public service information to their riders. They are installed in transit buses, light rail vehicles, trains & subway cars, people movers, monorails, airport vehicles, & tour buses.

Several other federal legislative actions, such as the Clean Air Act & the Intermodal Surface Transportation Efficiency Act ("ISTEA"), provide federal funds for upgrading transit systems. The TEA-21 follow up to the ISTEA, for example, authorizes $41 billion with increases each year from 1998 through 2003. The average annual authorized funding for the years 1998 - 2001 is $6.3 billion & an upward trend is expected to continue. Market opportunities for TBUS, therefore, appear to be abundant.

TBUS's TwinVIsion LeDot Destination Sign System is a highly visible exterior electronic destination sign system for transit vehicles. It incorporates a new-generation device that combines the technological benefits of both light emitting diodes ("LEDS") & electromagnetic flip-dots which make the signs easy to read from a distance, particularly at night & in inclement weather as required by the ADA.

The Digital Audio segment of the company produces digital signal processing instruments used by forensic specialists & law enforcement agencies to enhance tape recordings by filtering out hum, room noises, acoustic resonances, muffling, background music, & street noises. You may have seen such equipment used in movies or television crime shows. TBUS estimates its market share of this segment of its business is about 80%. This is a promising turnaround situation. Call CEO David Turney @ 919-361-2155, fax 919-361-0200, or write P.O. Box 14068, Research Triangle Park, NC 27709-4068. www.digrec.com [R-6; M-7; L-8]

M&A West, Inc. (OTC Bulletin Board/MAWI) began trading 5/17/99. Founded in 1996, it develops, invests in, & operates small public Internet & technology related companies, & those that wish to enter the public markets to raise capital, increase awareness of their business, & affect strategic mergers & acquisitions.

I did a Sneak Preview on Virtuallender.com, Inc. (OTC Bulletin Board/VLDC) in our 5/99 issue. VLDC, an online mortgage & lending service, is the first company M&A West developed in-house that has become a stand-alone public company. VLDC originated as a division of M&A West to provide services to its clients, & now is among the fastest growing public Internet mortgage companies in the U.S.

Another company in development within M&A West is Digital Bridge, Inc., which provides electronic business, e-commerce, web site design, & Internet marketing services. The intent is to build Digital Bridge's client base & make it a separate public company. M&A West's form of investment includes short term or bridge financing, & assistance in reaching the public market for equity funding.

You've undoubtedly seen media coverage on the reduction of the wild growth of Internet stocks in the last few months. I consider that the kind of temporary correction that often occurs when a long-term trend demonstrates excessive enthusiasm at an early stage. While it's true that the market for Internet stocks has cooled a bit, the long-term outlook is certainly exceptionally good. We are just at the beginning of the e-commerce trend here in the U.S. Europe, Asia, & Latin America are at an even earlier stage, but are slowly shifting toward an Internet economy nevertheless.

The Organization for Economic Cooperation & Development ("OEDC"), in a report titled "The Economic & Social Impact of Electronic Commerce," says business-to-business sales will help drive e-commerce revenues to $1 trillion in the 2003 to 2005 time frame.

Maryann Jones Thompson, in Spotlight: The Economic Impact of E-Commerce, in The Industry Standard, 4/26/99, says "The OEDC says the Net economy will result in lower prices for consumers, better information access & increased competitiveness of small & midsize businesses. It will also pave the way for a true global trading community."

M&A West is taking advantage of this long-term trend. I suggest you check them out. Call VP Gerald M. Richards @ 650-588-2678, fax 650-827-9508, or write 583 San Mateo Ave., San Bruno, CA 94066. www.mawest.com [R-7; M-7; L-8]

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